Many people mistakenly believe that financial advisors are only for the wealthy, but this is a misconception. Financial advisors can guide individuals on money matters, help them build a healthy money mindset, and make sound financial decisions. Margaret Njeri, a financial coach and advisor, shares insights on why women, in particular, should seek financial advisory services.

Women should prioritize regular financial check-ins to improve their financial standing. A financial advisor can help them save more, avoid investment scams, manage debt effectively, and prevent costly financial mistakes. When choosing a financial advisor, it’s important to identify your specific financial needs. Are you seeking assistance with debt management, investment management, or both? Ensure that the advisor is qualified; those specializing in insurance should be licensed by the Insurance Regulatory Authority, while investment management advisors should be registered with the Capital Markets Authority. It’s also crucial to review their track record to determine if they have experience assisting clients with similar goals.

Ask potential advisors about the services they offer and how they charge. A good financial advisor should provide regular updates on your financial status and maintain discretion. Engaging with an advisor should be an ongoing process to help you achieve your financial goals. Even when you become wealthy, financial advice is still valuable for risk management and identifying market trends.

Women often face challenges such as a lack of financial advisory and minimal financial knowledge. Some women believe financial literacy is only for men or need guidance on where to invest. Common misconceptions include the belief that financial advisors are only for the wealthy, that they are paid solely through commissions on insurance policies, or that online financial advice is sufficient.

People with diverse career paths can benefit from a financial advisor in many ways. They can receive a personalized financial plan, diversify their businesses, learn how to separate expenses, create emergency funds, and identify suitable SACCOs to grow their wealth. Financial security begins with protecting, managing, and growing existing assets. Start by creating and sticking to a budget, then diversify investments.